Factional Nigerian Students Association President, Asefon, Aides Risk Jail Terms For Abusing Naira Notes

Sunday Asefon

In a video obtained by SaharaReporters, Asefon was seen being sprayed wads of cash at an event while he stepped on them.

The factional President of the National Association of Nigerian Students (NANS), Sunday Asefon and some of his aides have violated the Central Bank of Nigeria’s rule, which forbids anyone from abusing the naira by spraying and stepping on them in public.

Some students have expressed their reservations about the 19-second clip, calling on the Nigerian government to sanction Asefon.

Some based their complaints on financial waste and others on disregard for the Central Bank of Nigeria’s (CBN) regulation against spraying or stepping on the naira.

According to Section 21(3) of CBN Act 2007 “spraying of, dancing or matching on the Naira or any note issued by the Bank (CBN) during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under Sub-section 1 of this section.”

The law, in Section 5 (i) goes further to define “Matching” to include “spreading, scattering or littering of any surface with any Naira notes or coins and stepping thereon, regardless of the value, volume, occasion or intent” while in 5(ii) “Spraying” includes adorning, decorating or spraying anything or any person or any part of any person or the person of another with Naira notes or coins or sprinkling or sticking of Naira notes or coins in a similar manner regardless of the amount, occasion or the intent.”

WATCH: NANS President, Asefon, Aides Publicly Violate CBN Act Days After Receiving N70m From Nigerian Government, Yahaya Bello pic.twitter.com/TQLwL97eCb— Sahara Reporters (@SaharaReporters) June 15, 2021

In Section 21(4), it is also a punishable offence for “any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”

The stated offences above are punishable under Sub-section 21(1) which provides, among other things that, a person “shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment.”

Source: Sahara Reporters.